Bill No.:                     HB0011                                 Drafter:  LGC

LSO No.:                   13LSO-0019                         Effective Date:  7/1/2013

Enrolled Act No.:    HEA0033

Chapter No.:            CH0057

Prime Sponsor:       Joint Corporations, Elections and Political Subdivisions Interim Committee

Catch Title:              Insurance Holding Company System Regulatory Act.

Subject:                     Regulation of insurance holding companies.

Summary/Major Elements:

· This act updates Chapter 44 of the Wyoming Insurance Code in order for the insurance department to maintain its accreditation with the National Association of Insurance Commissioners (NAIC).  Under this chapter, the department regulates insurance companies that are part of a group of companies.

· The act adds a section allowing the commissioner to participate in “supervisory colleges.”  A supervisory college is a mechanism for all of the regulators of a group of companies with international operations to discuss current issues and risks affecting a company.

· The act adds an annual enterprise risk report requirement which is a document that is prepared by the company and informs the regulator of any material risks affecting the group of companies.

· The act gives the department the authority to request the financial statements of an insurance company’s affiliates in order to assess the financial condition of the group as a whole.  The act requires the department to maintain the confidentiality of the information provided.

· The act expands on the existing requirements in Chapter 44 by requiring more information and communication regarding enterprise risk within a group of companies.